Treasury Secretary John Snow on Thursday said the United States could face the prospect of not being able to pay its bills early next year unless Congress raises the government's borrowing authority, now capped at $8.18 trillion.
[snip]
The last time Congress agreed to boost the debt limit was in November 2004 — from $7.38 trillion to the current $8.18 trillion. The government's statutory borrowing authority also was pushed up in 2002 and in 2003.
Boy, I sure wish I had the same credit advisor as Bush has.
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